President of Kazakhstan calls for international cooperation to regulate digital currencies

Kazakhstan’s President Nursultan Nazarbayev has called for global cooperation to regulate digital currencies, local news site Azernews reported on May 17

Speaking at the plenary session of the 2018 Global Challenges Summit, Nazarbayev said that "most countries are actively exploring the possibility of adapting digital currencies to the current composition of financial systems." He then went on to comment on the fragmented nature of digital currency regulation at the global level:

At the same time, we see very separate procedures for States on this issue, and these disparate procedures will lead to inefficiency and it is necessary to begin to develop common rules.

Kazakhstan has already shown its interest in the digital currency sector. A study by the Yandex search engine in March showed that Kazakhs were frequently looking for terms related to digital currencies this year compared to 2017.

Last autumn, the government-backed Astana Financial Center (AIFC) announced the signing of a cooperation agreement with Exante of Malta to develop Kazakhstan's digital asset market. Also in autumn, the Blockchain and Digital Coins Association in Kazakhstan applied for a state license to become a legal entity and begin formal activities.